Resolution Foundation have put together a very helpful summary of how the main parties intend to smash up public services over the next few years. Its clear that, whilst Labours *deficit* target is notionally looser than Tory and Lib Dems, if Balls wants to reduce the government *debt* as a share of GDP, hes betting the farm (and the hospital, school, library...) on growth being sustained, and (presumably) sustained at a higher level than the official forecasts suggests. Or, in other words, that his plan boils down to a 1997 nostalgia trip: a few years of belt-tightening prudence (remember that?), before the economy takes off and everyone forgives you... except this isnt the early noughties, not least because were still living with the consequences of them, and theres another crash looming. Things Can Only Get Better.
Posted on: Thu, 11 Dec 2014 09:49:49 +0000
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